BYU NewsNet - Affordable housing rising from projects

Thanks to the Olene Walker Housing Loan Fund Board there will be more affordable housing projects launched this spring.

“There are so many families in Utah that are forced to live in substandard housing, doubling up with other families or finding shelter with extended family members,” said Mike Glen, Director of Housing Programs for Division of Housing and Community Development. “We are trying to meet the needs of Utah’s poorest citizens.”

These projects are intended to help alleviate the affordable housing deficiency while introducing more construction jobs simultaneously.

Funds were recently distributed to different projects on a competitive basis.

The OWHLF was created in 1987 and aims to support quality affordable housing options that meet the needs for Utah’s individuals and families.

According to the www.utah.gov Web site, “Money from the fund is generally loaned to first time home buyers, rural homeowners, builders, and developers. The OWHLF is a revolving loan fund. Payments made on these loans are returned to the fund allowing it to be used again for future projects.”

A mixture of new federal and state funds as well as program revenue supports the OWHLF.

Funds were recently awarded with $24,800 going to Friends of PACT for rehabilitation of Cottonwood/Solomon Apartments in Green River, $445,660 to LaPorte Group for the acquisition and rehabilitation of the historical Newhouse Apartments in Price and Golden Rule Mission in Helper, $494,000 to MEDCI/CDI for construction of Palisade Park Apartments in Ephraim and $485,000 to MEDCI/CDI for construction of the Vesper Hills Apartments in Richfield.

The OWHLF was able to fund 128 percent as many projects in 2008 as in 2007, because of strategic planning.

“We wish we could do more,” said JoAnn B Seghini, Midvale Mayor and board chairwoman, in a press release. “Without this funding, Utah would lose more ground. Utah Already faces a projected shortage of 51,000 affordable rental units.”

Even with the help of organizations like OWHLF there is still a major affordable housing deficit.

“The wait to get into one of our units because of such shortage is one to two years,” said Glen. “There is a huge problem when people are forced to live in unfit circumstances.”

The 12 projects that were funded at the last board meeting are expected to create 840 jobs directly, and because construction workers will have salary to spend in the community, have significant economic impact on local economies.